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Where Taxpayers and Advisers Meet
Tax relief on Buy-To-Let
-
GSScotland
- Posts:1
- Joined:Tue Sep 20, 2016 10:16 am
Looking to clarify HMRC position in respect of using a home re-mortgage (which is cheaper than a BTL) to fund a buy to let and whether HMRC will then allow me to claim interest relief on this? Is it only claimable when the mortgage is on the specific BTL property or another source of finance which does incur interest payments?
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section 44
- Posts:4467
- Joined:Thu Oct 30, 2008 12:47 pm
Re: Tax relief on Buy-To-Let
Tax relief (i.e. a deduction in computing letting business profits) is being phased out for individuals.
The purpose of the loan, rather than how it is secured, is the key point.
The purpose of the loan, rather than how it is secured, is the key point.
Re: Tax relief on Buy-To-Let
There are no plans to phase out relief for interest paid, it will in future be restricted to the standard rate, the changes will be phased in from 06/04/17.
The relief will be given as a tax reducer rather than as a deduction from profits.
I agree that the purpose of the loan is the criteria to establish whether the interest is deductible, in this case I believe it would.
The relief will be given as a tax reducer rather than as a deduction from profits.
I agree that the purpose of the loan is the criteria to establish whether the interest is deductible, in this case I believe it would.
-
section 44
- Posts:4467
- Joined:Thu Oct 30, 2008 12:47 pm
Re: Tax relief on Buy-To-Let
no plans to phase out relief for interest paid
?rather than as a deduction from profits
